Zions Bancorporation's Series A Preferred Stock Yield Pushes Past 8%

In trading on Tuesday, shares of Zions Bancorporation, N.A.'s Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock (Symbol: ZIONP) were yielding above the 8% mark based on its quarterly dividend (annualized to $1.3223), with shares changing hands as low as $16.50 on the day. This compares to an average yield of 7.47% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, ZIONP was trading at a 32.60% discount to its liquidation preference amount, versus the average discount of 15.96% in the "Financial" category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.

Below is a dividend history chart for ZIONP, showing historical dividend payments on Zions Bancorporation, N.A.'s Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock :

In Tuesday trading, Zions Bancorporation, N.A.'s Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock (Symbol: ZIONP) is currently off about 1% on the day, while the common shares (Symbol: ZION) are up about 1.5%.

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